Bill Text: NY S05778 | 2019-2020 | General Assembly | Introduced

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Bill Title: Authorizes Donald R. Linde to apply for retroactive membership in the New York state and local employees' retirement system.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO CIVIL SERVICE AND PENSIONS [S05778 Detail]

Download: New_York-2019-S05778-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5778

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 14, 2019
                                       ___________

        Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
          when printed to be committed to the Committee  on  Civil  Service  and
          Pensions

        AN ACT granting retroactive tier IV membership in the New York state and
          local employees' retirement system to Donald R. Linde

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Notwithstanding any other provision of law to the contrary,
     2  Donald R. Linde, a member of the New York  state  and  local  employees'
     3  retirement  system  who is currently employed by the Department of Taxa-
     4  tion and Finance, who on September 3, 2009 commenced part  time  employ-
     5  ment  with the State University of New York at Buffalo, and who became a
     6  member of such retirement system on February  11,  2010,  and  who,  for
     7  reasons  not ascribable to his own negligence, failed to become a member
     8  of the New York state and local employees' retirement system on  Septem-
     9  ber  3,  2009,  shall be deemed to have joined such retirement system on
    10  September 3, 2009, the commencement of his  employment  with  the  State
    11  University  of  New York at Buffalo, if within one year of the effective
    12  date of this act he shall file an application therefor  with  the  state
    13  comptroller.  Upon receipt of such application, Donald R. Linde shall be
    14  deemed to have joined the New York state and local employees' retirement
    15  system during 2009.
    16    § 2. All past service costs of implementing the provisions of this act
    17  shall be borne by the State University of New York at Buffalo, and there
    18  shall be no refund of member contributions to Donald R. Linde.
    19    § 3. This act shall take effect immediately.
          FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
          This bill will grant Tier 4 status in the New  York  State  and  Local
        Employees' Retirement System to Donald R. Linde, a current Tier 5 member
        employed  by the NYS department of Tax and Finance, by changing his date
        of membership to September 3, 2009, his first date  of  employment  with

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01773-02-9
        S. 5778                             2

        the  State University of New York at Buffalo. There will be no refund of
        member contributions.
          If this bill is enacted during the 2019 legislative session, we antic-
        ipate  that  there  will  be  an increase of approximately $1,600 in the
        annual contributions of the State University of New York at Buffalo  for
        the  fiscal  year ending March 31, 2020. In future years, this cost will
        vary as the billing rates and salary of Donald Linde change.
          In addition to the annual contributions discussed above, there will be
        an immediate past service cost of $20,300 which will  be  borne  by  the
        State  University  of  New  York  at Buffalo as a one-time payment. This
        estimate is based on the assumption that payment will be made  on  March
        1, 2020.
          Summary of relevant resources:
          The  membership  data  used  in  measuring  the impact of the proposed
        change was the same as that used in the March 31, 2018  actuarial  valu-
        ation.  Distributions  and  other  statistics  can  be found in the 2018
        Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
        Report.
          The  actuarial assumptions and methods used are described in the 2015,
        2016, 2017 and 2018  Annual  Report  to  the  Comptroller  on  Actuarial
        Assumptions,  and  the  Codes, Rules and Regulations of the State of New
        York: Audit and Control.
          The Market Assets and GASB Disclosures are found in the March 31, 2018
        New York State and Local  Retirement  System  Financial  Statements  and
        Supplementary Information.
          I am a member of the American Academy of Actuaries and meet the Quali-
        fication Standards to render the actuarial opinion contained herein.
          This  fiscal note does not constitute a legal opinion on the viability
        of the proposed change nor is it intended to serve as a  substitute  for
        the professional judgment of an attorney.
          This estimate, dated May 7, 2019, and intended for use only during the
        2019  Legislative  Session, is Fiscal Note No. 2019-108, prepared by the
        Actuary for the New York State and Local Retirement System.